This is a multi-part deal, but you may already have some of these accounts. Marcus is the online banking arm of Goldman Sachs. AARP members are eligible for two member benefits at Marcus:
- 0.10% APY rate increase to the Online Savings rate for 24 months. As of 1/18/2021, that means 0.60% APY instead of 0.50% APY.
- Special 8-month No-Penalty CD at 0.55% APY as of 1/18/2021. Their standard No-Penalty CD is 0.45% APY for 7 months.
AARP membership is targeted at those age 50+, but there is no actual age restriction. I was a member in my 30s, as AARP has offered a variety of member benefits that can be quite valuable – insurance discounts, hotel discounts, restaurant discounts, and so on. If only younger folks had such a well-organized association! The standard membership fee is $16/year, but it drops to $12/year if you sign-up for auto-renewal with a credit card on file (you can still cancel at any time).
Swagbucks is a popular points website, and you can currently get 1,500 Swagbucks (worth $15 Amazon gift card)for joining AARP through their site. This essentially offsetts the AARP annual membership fee. If you are a member, log in and search for “AARP”. If you are not a member yet, join via my Swagbucks referral link and earn a $3 referral bonus + an additional $10 bonus if you spend at least $25 through their shopping portal within 30 days of registration. (There are even some money-making offers on Swagbucks like donating $15 to the Sierra Club and getting 4,000 Swagbucks in return worth $40 in Amazon gift cards.)
Taken altogether, you can get the 0.10% APY rate boost, special CD access, and a year of AARP membership (including many other perks) all at zero net cost. Thanks to reader Bill P for the tip.
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A minor point that might matter to the older AARP crowd…Marcus will not let you specify beneficiaries to your account without providing valid social security numbers. I verified this with customer support at the time. Still, the 8-month no-penalty CD looks appealing. Note that their early withdrawal penalties on regular CDs are extreme! They charge 270 days interest penalty on a 12 month CD that is closed early, so be certain about those 12 months!
Once you have signed up for an AARP membership, where on the Marcus website do you denote membership in order to get the additional 0.10% APY on the savings rate?
You will never escape the AARP postal mailing list, and will be spammed for the rest of your life. No thanks.
Marcus just downed rate to .80.
Question for the community….
Since all these in line banks seem to be headed for .25 or less, are they going to be worth it to anyone anymore? Feel like a lot of people will hang out because you’re there and there is no alternative, but I might just change out of a sense of justice I guess.